Perfume & Fragrances Market to Reach USD 64.6 Bn by 2023, States MRFR in Its Topical Research Report Available at MarketPublishers.com

03 Jan 2018 • by Natalie Aster

LONDON – Worldwide, the perfume & fragrances market is likely to amount to USD 64.6 billion by 2023, at 6% CAGR. Considerable innovation regarding novel product launches alongside R&D and collaboration by the industrial players; customers’ surging disposable income and developing buying patterns over the last several years have boosted the sales of perfume and fragrances in recent years.

By product type, the eau de perfume segment is set to dominate the perfume & fragrance market and record a 6.33% CAGR to reach USD 33.49 billion by 2023 in value terms. The eau de toilette segment is set to see a 6.16% CAGR to amount to USD 20.02 billion by end-2023.

With respect to consumers, the women segment will likely take the lead in the perfume & fragrance market, posting a 5.67% CAGR and reaching USD 37.24 billion by 2023. The men segment is projected to grow at a substantial 6.53% CAGR to amount to USD 23.85 billion by 2023.

Europe accounted for 35.98% of the total market in 2017 and it is poised to keep on taking the lead through to 2023. However, APAC is set to expand at a high pace versus and post a healthy 6.20% CAGR in the offing. Expanding middle class population with higher disposable income and ongoing urbanisation in developing nations are set to boost perfume & fragrance sales in APAC. Furthermore, perfumes have witnessed considerable product innovations during the past few years in APAC, which in turn will likely increase perfume & fragrance sales in the short run.

The publication offers an analysis of individual micro and macro markets for perfume & fragrances. It provides an analysis of the market size segmented by product type, consumer group, ingredient, distribution channel, and region-wise. The study provides an in-depth understanding of demand and supply dynamics in the market, offers a granular analysis of the value chain and supply chain. It keeps track of historical market trends, technologies, and gives insights into the existing government regulatory requirements pertaining to the perfume & fragrances market. Furthermore, the report includes company profiles of top players with their competitive positioning in the market.